Weekly Macro Themes - 10 September 2021
Here's a brief overview of the topics and charts covered in the latest edition of the Weekly Macro Themes report. I send this report out late Friday NZ time and aim to cover a good mix of macro/ideas/risk management topics, across a global macro/multi-asset universe.
This week I covered the following topics/ideas:
1. US HY Credit: Keeping a close eye on credit given the risks/opportunities within that asset class, but also as a wider risk-on/risk-off indicator.
2. EM ex-Asia: Remain bullish EM ex-Asia on positive technicals, intermarkets, promising case trends, valuations, positioning, and FX. In particular favour Latin America on valuations (equity and FX).
3. AUDUSD: Somewhat bullish given slight undervaluation, crowded shorts, positive technicals, and still see upside risk to the Aussie dollar from accelerating housing market inflation. Check out the charts we've been focusing on.
4. Australian Equities: Quite a mixed picture, value signals say one thing at a headline level, but very different on an adjusted basis.
5. Clean Energy Stocks: Renewable energy sector equities are riding the wave of interest in ESG investing, and while not cheap by any means, do have some interesting characteristics.
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About the Weekly Macro Themes report
The "Weekly Macro Themes" is part of our institutional offering aimed at multi-asset and macro-driven portfolio managers and strategists. The report takes a chart-driven macro, fundamental and multi-factor approach; a powerful combination of cross-asset idea generation for portfolio managers, charts on key global macro trends, analysis on portfolio risks, asset allocation research, and innovative indicators, in a format that delivers a balance of brevity and depth so that you can efficiently assimilate the insights.
Also part of the service is the monthly market cycle guidebook, global cross asset market monitor, and quarterly strategy pack.
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